This supports the positive trend of IT security becoming part of the agenda for board-level discussions. Moreover, C-suite involvement correlates with the size of IT security budgets, as companies who invest more heavily in IT security are more likely to have their executives involved in the decision-making process.
IT security is no longer just one more office department— as Kaspersky’s report, “IT security economics in 2019: how businesses are losing money and saving costs amid cyberattacks”, shows. Today, top management executives find themselves needing to better understand IT security trends and risks, while IT security professionals need to be able to clearly explain cybersecurity issues to the board. This will result in better cooperation and a transparent decision-making process.
There is a clear correlation between top management involvement and business cybersecurity budgets. Across companies with a budget of more than $5m, the majority (72%) have their executives take part in the financial aspect of IT security. Meanwhile, across companies with smaller budgets – up to $25k for enterprises and up to $2.5k for SMBs — the percentage of those with C-level executives involved in budget decisions is around 50%.
IT security budget and involvement of C-level staff in IT security decision making
When it comes to specific budget size, in companies in which C-level executives are involved in cybersecurity decision-making, it is well suited to the global cybersecurity budget pace. In these companies, cybersecurity spending reaches $264k for SMBs and $18m amongst enterprises. That is almost equal to the average spending across all surveyed companies: for SMBs it reached $267k compared to $256k in 2018; for enterprises it is $18.9m, up from $8.9m in 2018.
“Cooperation between IT security teams and the board is beneficial for all businesses. If your company has not yet established this process, now is the right time to get started. IT security teams should go to their top-level management, explain the risks and what they need to mitigate them, how much money they need and how they will spend their budget. This helps executives to understand the importance of IT security for their business and to invest in it according to the real risks,” says Alexander Moiseev, Chief Business Officer, Kaspersky.
To help IT security managers improve their budgeting process and better align it with company executives, Kaspersky recommends:
The full report, “IT security economics in 2019: how businesses are losing money and saving costs amid cyberattacks” can be found here.
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